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    Man loses Sh5m from his car while on a short call

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    Uhuru Kenyatta

    Stop wasting money on side chicks, prioritise your wives – Uhuru tells men – VIDEO

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    Police recover 22 firearms in Kilimani apartment during eviction

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    Come and arrest me if you can – Sakaja tells off Kinoti

    Accident

    Drivers of matatu and tractor killed in head-on collision on Kiambu Road – Video

    Suspects

    Two more suspects arrested, gun, cash clothes seized in Ongata Rongai robbery

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    Fuel

    More pain at the pump as Petrol, Diesel and Kerosene prices go up Sh9 a litre

    Otile Brown

    Otile Brown is the new Brand Ambassador for Tecno Camon 19 Series

    Swvl

    Swvl suspends Intra-City rides in Kenya

    Infinix

    Infinix NOTE 12 Series officially launched in Kenya

    Virtual Card

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    Hello world!

    #BabaTheArtist: Raila finally releases much anticipated ‘Leo Ni Leo’ campaign song – VIDEO

    SportPesa CEO joins politics, eyes Kasarani seat – VIDEO

    Two suspects wanted in the UK for murder arrested in Nairobi

    Showmax announces return of Crime & Justice Season 2

    Nairobi West Hospital launches helipad in bid to enhance emergency services – PHOTOS

    Newcastle United become football’s richest club ahead of Man City, Chelsea & PSG

    Odibets heeds Khaligraph’s call, unveils online rap challenge

    Twenty-one year old fraud suspect who hacked IEBC server arrested in Juja

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    Hello world!

    #BabaTheArtist: Raila finally releases much anticipated ‘Leo Ni Leo’ campaign song – VIDEO

    SportPesa CEO joins politics, eyes Kasarani seat – VIDEO

    Two suspects wanted in the UK for murder arrested in Nairobi

    Showmax announces return of Crime & Justice Season 2

    Nairobi West Hospital launches helipad in bid to enhance emergency services – PHOTOS

    Newcastle United become football’s richest club ahead of Man City, Chelsea & PSG

    Odibets heeds Khaligraph’s call, unveils online rap challenge

    Twenty-one year old fraud suspect who hacked IEBC server arrested in Juja

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    Brazilian football legend to escort Fifa World Cup trophy to Kenya

    Trace launches campus tour series dubbed ‘Trace in the City’ – PHOTOS

    Trace launches campus tour series dubbed ‘Trace in the City’ – PHOTOS

    F1 Feature: How new regulations are shaking up the world’s fastest sport

    F1 Feature: How new regulations are shaking up the world’s fastest sport

    More motorsport and WWE thrills for SuperSport viewers!

    Watch: Pinky Ghelani returns to the catwalk as the show stopper – PHOTOS

    Watch: Pinky Ghelani returns to the catwalk as the show stopper – PHOTOS

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Prices of bread, infant milk to increase by 16%

Naihaps by Naihaps
May 10, 2021
in Business, Featured, News
Reading Time: 2 mins read

The ever thinning revenue sources amid an increasing expenditure at a time when the country is battling the Covid-19 pandemic has had the government relook its strategies as it seeks to raise at least half of the Sh3.6 trillion budget in this financial year.

The taxpayer they will have to bear the burden and pay the ultimate price as the Kenya Revenue Authority (KRA) seeks to bridge its tax shortfall.

Some proposals in the finance bill set to see food prices rise significantly should the National Assembly give the proposals a nod

Among the basic commodities that are set to be affected by the proposed taxation measures include bread whose cost is set to increase as the government imposes a 16 percent vat on the commodity.

A loaf of bread which is currently retailing at Sh50 will go up by Sh8.

Infant powder milk has also been targeted, the price set to go up after the imposition of a 16 percent taxation.

Borrowers will also be hard hit by the new proposal which subjects loans to a processing fees of 20 percent excise duty, this means lenders will pass the cost to the borrowers making loans more expensive.

This not withstanding the fact that the government already removed the capping on interest rates and allowed banks to charge in line with the central bank rate.

And in what is likely to drive out a number of players in the extractive industry to some neighbouring countries, the bill seeks to introduce a 10 percent duty on the operations relating to oil, gas and mining.

The tax measures contained in the 2021 Finance Bill however has good news for internet users who will benefit from lower charges as those buying internet data services in bulk for onward selling will be able to credit excise made to the supplier, thereby passing on the gains

In the 2021/2022 budget policy statement, the National Treasury revealed that it was anticipating an over Sh140 billion rise in interest payments on public debt this expected to eat further into the country’s revenue.

Tags: BreadInfant MilkTax
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